IRD · Opus Genetics, Inc.

Opus Genetics has secured a significant long-term financing package through agreements with Oberland Capital affiliates, structured to provide both immediate and milestone-based capital while minimizing near-term equity dilution. The $155 million note facility offers a non-dilutive funding source with a flexible drawdown structure tied to clinical development progress, particularly for the OPGx-LCA5 program. The initial $35 million injection, combined with the $5 million equity investment, strengthens the company's balance sheet as it advances multiple gene therapy candidates into clinical trials. The financing terms include investor-friendly features such as the 10% conversion option at a premium to the equity purchase price and anti-dilution protection through the stock purchase agreement. This strategic financing extends Opus Genetics' cash runway through 2029, according to management commentary, enabling the company to fund pivotal studies for its lead programs while advancing earlier-stage assets. The security package and guarantees provide lenders with substantial collateral protection, while the company retains operational flexibility through customary covenants typical for such financings.